US stock futures were steady on Wednesday ahead of the Federal Reserve’s policy announcement. A 25 bps rate cut is broadly anticipated, with attention on forward guidance amid signs of labor market weakness and subdued inflation. 

The 10-year Treasury yield held near 4.03%, a five-month low, as markets priced in about 67 bps of easing by year-end. While inflation remains above the 2% target, signs of labor market cooling strengthen expectations for cuts. Focus is on the Fed’s economic projections and updated dot plot. 

The US dollar index hovered near 96.7, a 2½-month low and down about 1% on the week. The euro advanced, with the dollar touching a four-year low against it. Rate cut expectations and projections from the Fed remain central to FX direction.

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